UK-based digital bank Revolut has announced that it plans to add support for holding and trading Stellar (SLM) to its mobile app.
According to a statement by the UK-based FinTech firm, which was founded by Nikolay Storonsky, and Vlad Yatsenko in July 2015 in London, support for Stellar is due to the “overwhelming demand” by customers.
Towards the end of 2017, Revolut launched a service called “Revolut Crypto” that was designed to provide a simple way for its customers — even those with very little previous knowledge of cryptocurrencies — to buy, hold, or sell Bitcoin (BTC), Litecoin (LTC), and Ether (ETH) in a very simple way.
Their blog post on the subject promised:
“No exchanges. No private keys. No cold storage. Just tap a button and get immediate exposure to Bitcoin, Litecoin and Ether.”
There was (and there still is) one serious limitation that makes this service not really suitable for “serious traders”: the app does not allow “transfers to external wallets” or “customers to transfer their existing crypto to the app.” Here is what Revolut has to say about this limitation:
“Unfortunately, we’re not able to support external transfers right now due to strict regulation. We totally appreciate that this may be a deal breaker for some people, but we are not ruling out this option for the future.”
Until now, the Revolut app supported buying, selling, and holding the following five cryptoassets: Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC), as you can see from the screenshot below:
On July 15, Paxos Trust Company announced Paxos Crypto Brokerage, “a turnkey, easy-to-integrate API-based solution” that “enables companies to integrate cryptocurrency buying, selling, holding and sending capabilities into their own applications.”
Paxos said that its first partner for this offering would be Revolut US.
Going back to the addition of support for XLM, Ed Cooper, Revlolut’s Head of Crypto, said:
“Adding Stellar and passing ownership of cryptocurrencies to our customers are the first in a series of steps we are taking to seriously overhaul our crypto product.”